Thank you for reading and answering my questions if you can. I have a buyer who is purchasing a fixer for a low amount, $62,000. He is looking to add about $10,000 to the loan to do some work.
He called me this morning and said he received info from Wells Fargo that the closing costs are nearly $7,000 and that doesn''t include the 3.5% down.
Is this normal, I have never done a 203 K Fha Loan. Also, If you have someone you work with on these loans that is great please send me their info. This seems extremely high to me.
If you have a great lender in Iowa who does the FHA 203 K Loans I could do a lot of business with them if their fees are a lot more reasonable. I am located in Iowa.